Amazon.com Inc. shares have largely climbed on the back of two trends: strength in its cloud business and a focus on costs. Now both could be in question.

The pressure is on Amazon.com to deliver on lofty expectations for cloud computing in its fourth-quarter results on Thursday, after Microsoft and Google's lackluster reports jolted investor faith in Big Tech's billion-dollar investments in AI.

NEW YORK – Amazon.com Inc. warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some US$100 billion this year, with most of the money going toward data centers, homegrown chips and other equipment to provide artificial intelligence services.

Amazon spent $26.3 billion in capital expenditures in the last three months of 2024, the vast majority of which went toward AI-related projects within AWS

In a conference call, Amazon warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some $100 billion this year, with most of the money going toward data centers,